Sourcing

Greenland Ruby Has Shut Down Its Mine

SourcingSep 11, 2023

Greenland Ruby Has Shut Down Its Mine

The company said operations have been on hold since January because the mine wasn’t meeting production expectations.

Greenland Ruby Aappaluttoq mine
This file photo shows a Greenland Ruby worker holding a piece of rough from the mine. The company’s Aappaluttoq ruby and pink sapphire mine has suspended operations, but it is exploring other sources, reports say.
New York—Greenland Ruby has suspended operations at its Aappaluttoq ruby and pink sapphire mine because it wasn’t producing enough gemstones. 

GemGuide, which was first to report the news in the trade, published a story back in August quoting Greenland Ruby Chief Commercial Officer Hayley Henning, who said production at the site hadn’t been meeting expectations for the past year or so.

Michele Billam, the company’s chief sales and merchandising officer told JCK last week that mining operations had been suspended for care and maintenance since January.

Henning referred all questions about the reports to Greenland Ruby CEO Arnt Erick Rørnes, who did not respond to an email request for comment by deadline. 

Greenland newspaper Sermitsiaq reported last month the mine had a debt of 509 million Danish kroner, which is about $73 million at current exchange rates.

The company has closed offices and let go of employees.

The mine laid off 30 workers at the beginning of the year and later let go of the remaining seven, according to Sermitsiaq.

In a 2017 National Jeweler interview with Henning, she said life of mine for Aappaluttoq was expected to be about nine years.  
 
She also said exploration identified two other potential sites for ruby mining, but at that time, the company was “not really there yet” in terms of moving forward at the sites.  

Billam told JCK that exploratory mining had begun at two sites for which the company holds licenses.  

In addition to exploration, there is still rough material to be processed and ruby inventory is still stocked in Thailand, but “sales have been very low,” according to Billam. 

 Related stories will be right here … 
 
Greenland Ruby had been producing rubies as well as pink sapphires at the Aappaluttoq ruby mining site in the southwest region of Greenland since 2017. It’s the country’s first corundum mine.

The area originally was being mined by True North Gems, but following its announcement of voluntary bankruptcy in September 2016, the mining license for the Aappaluttoq Ruby Mine was awarded to LNS Greenland, an investor in the project.

Greenland Ruby A/S, its sister company, was established in October 2016 to take over the exploration license and handle the promotion and sales of the mine’s output.

A 2019 GemGuide article by Stuart M. Robertson, GIA GG, said Greenland Ruby’s acquisition of the necessary permits to export and market gemstones allowed commercial quantities of these rubies and sapphires to enter the international gem trade. 

He said a combination of the stones’ affordable price point, which started at below $100 per carat, along with their mine-to-market traceability, made Greenland rubies attractive to the market. 

In January of this year, Greenland Ruby announced it had appointed Rørnes, who was previously working with parent company Leonhard Nislen & Sonner AS (LNS), as its new CEO.  

He succeeded Magnus Kibsgaard. 

The Latest

Dianne Feinstein’s Paloma Picasso Tiffany & Co. necklaces
AuctionsOct 11, 2024
Bonhams Reports ‘Fierce Bidding’ for Dianne Feinstein’s Jewels

All 74 lots of jewelry belonging to the late Democratic senator found buyers at Bonhams Los Angeles.

Gemfields x Kimberly McDonald
CollectionsOct 11, 2024
Piece of the Week: Gemfields x Kimberly McDonald Jewelry Suite

The two collaborated on a necklace and a pair of earrings that praise the beauty of Zambian emeralds.

Jewelry Care Line Fixtures by the Kingswood Company
MajorsOct 11, 2024
The Kingswood Company Launches New Retail Fixture Program

Retailers can move jewelry care lines off countertops with the fixtures, which were designed for a “sophisticated retail environment.”

Article-Top-Image.jpg
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYC

This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.

The International Colored Gemstone Association Congress Brazil 2025
Events & AwardsOct 11, 2024
ICA Congress Goes to Brazil

The 20th ICA Congress is slated for May 19-22 in Brasília, Brazil.

Weekly QuizOct 10, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Ritani Y2K engagement rings campaign
MajorsOct 10, 2024
Why Ritani Is Partying Like It’s 1999

The jeweler is celebrating its 25th anniversary with a throwback campaign.

Pomellato Memorie D’Archivio Collection
CollectionsOct 10, 2024
Pomellato Revives Past Designs for New Capsule Collection

“Memorie D’Archivio” was inspired by the “Mora” and “Mosaico” collections the brand introduced in the ‘90s.

1872x1052-Brought-to-you-By-Article-Image-Top (1).png
Brought to you by
Why You Can't Miss JA New York This Fall

Don't miss this one-stop-shop in October, curated with buyers’ needs in mind.

Oscar Heyman 2024 holiday catalog
MajorsOct 10, 2024
Oscar Heyman Releases 2024 Holiday Catalog

It features 124 jewels and a variety of colored gemstones.

National Jeweler columnist Peter Smith
ColumnistsOct 09, 2024
Peter Smith: 7 Things to Know When Selling Luxury

Ahead of the holiday season, Smith delves into the often subconscious reasons people buy luxury products for themselves or their loved ones.

Edgar Mitchell wearing Rolex watch on Apollo 14
AuctionsOct 09, 2024
Rolex Worn on Apollo 14 Mission Up for Sale

The GMT-Master “Pepsi” belonging to astronaut Edgar Mitchell is a standout in RR Auction’s online “Space Auction,” going on now.

Simon meet me at the mall campaign
MajorsOct 09, 2024
New Simon Campaign Invites Gen Z to ‘Meet Me At The Mall’

The ads celebrate the mall culture of the ‘80s and ‘90s.

Platinum Guild International training
MajorsOct 09, 2024
PGI Launches New Virtual Sales Training

Retail sales associates can access the video series on mobile to refresh their selling skills.

Gathering at Bharat Diamond Bourse for COVID vaccinations
Policies & IssuesOct 09, 2024
GJNRF: Reaching Out, Rebuilding Futures

For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.

Sotheby’s A Tsar’s Treasure: Ferdinand of Bulgaria
AuctionsOct 08, 2024
Sotheby’s Selling Jewelry That Belonged to a Bulgarian Tsar

The November auction will feature a collection of jewels owned by Ferdinand I, the first king of modern Bulgaria, and his family.

Stock image of hand holding phone by keyboard
SurveysOct 08, 2024
What to Know About Online Shopping This Holiday Season

Deloitte and Adobe Analytics shared their insights on the season, from the retail sales forecast to the role of generative AI.

Sylvie and Uncommon Man Campaign
CollectionsOct 08, 2024
Sylvie Adds New Men’s Bands

The Texas-based jeweler collaborated with luxury clothing brand Uncommon Man on men’s bands designed with European influences.

Diamond on polishing wheel Venus Jewel India
SourcingOct 08, 2024
Is Current Diamond Industry Turbulence Shaping a ‘New Normal’?

Industry players have found ways to cope with market conditions while working to reshape themselves in the face of emerging realities.

Rio Tinto 2024 Beyond RareTM Tender Art Series
SourcingOct 07, 2024
Rio Tinto to Offer 76 Diamonds in 2024 Beyond Rare Tender

The sales event, in its second year, features a selection of rare diamonds from the miner’s Argyle and Diavik diamond mines.

Kristi Yamaguchi and Scott Heller
IndependentsOct 07, 2024
Olympian Kristi Yamaguchi Partners With Heller Jewelers on New Collection

A portion of the proceeds from the “Always Dream” collection will go to Yamaguchi's foundation, supporting early childhood literacy.

Hill & Co. logo
SurveysOct 07, 2024
Hill & Co.’s New ‘Business of Jewelry Report’ Is Out

The first in what is slated to be a series of in-depth reports from the consulting company, it focuses on shortening supply chains.

Benjamin Clymer and the Porsche Design x Hodinkee limited-edition watch
WatchesOct 04, 2024
Watches of Switzerland Clocks Another Acquisition—Hodinkee

The company said Benjamin Clymer will return to his role as head of the watch news website, which will maintain editorial independence.

Forevermark store Mumbai India
SourcingOct 04, 2024
How India Became the World’s Second-Largest Market for Diamond Jewelry

A strong economy, a growing middle class with an affinity for brands, and rapid expansion of organized retail have fueled the market’s rise.

Gabrielle Grazi
MajorsOct 04, 2024
Hearts On Fire Names Gabrielle Grazi VP of Sales, North America

The industry veteran is also the president-elect of the Women’s Jewelry Association.

Ray Griffiths Double Headed Snake Ring
CollectionsOct 04, 2024
Piece of the Week: Ray Griffiths’ ‘Double Headed Snake’ Ring

Slither into spooky season with this scary snake ring that boasts two heads with tsavorite eyes.

 Hurricane Helene
Policies & IssuesOct 03, 2024
RJO, CERF+ Join Those Offering Hurricane Helene Relief to Affected Jewelers

Plus, how to apply for emergency funds and donate to recovery efforts.

Stock image of police cars with lights on
CrimeOct 03, 2024
Man Who Shared Spoils of $2.7M Smash-and-Grab on Social Media Pleads Guilty to Robbery Charge

Ladell Tharpe, 39, took part in a 2022 jewelry store robbery and then posted pictures of cash on Instagram with the text “Robbery Gang.”

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy